It’s such an exciting time when you’re first starting out a brand new venture. Amidst the excitement, there are a bunch of things to think about so I’m sharing some of the important first steps you need to take for your new small business.
One of the key lessons I learned throughout my business journey is that you can do anything, but you can’t do everything. When first starting out, business owners don’t usually have the cash to invest in all the things they need from the get go. This is where it’s important to prioritise what you can and should do first until you’re able to outsource.
In this episode, I discuss some of the important (and often missed) steps that you need to take when first starting out. I talk about getting your business set up on paper, including deciding on your business name and business structure. One of the mistakes I made was setting myself up as a sole trader in the beginning. I wish I had set myself up as a company right from the start to avoid the headache of changing everything over. I talk about the importance of speaking to your tax agent and solicitor about what business structure is best for you in the long run.
I also talk about why you need to register for an ABN and keep your personal and business expenses separate. If you don’t already have a separate bank account for business transactions, let this episode be your reminder to do so today!
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